Why is Critical Insurance Coverage Important? And Do We Need It?

One in two Canadian citizens develop a severe illness in an alarming statistic, but many are expected to survive with expert medical care. With advancements in medicine and technology, the survival rates have significantly improved. Even though the Canadian healthcare system covers in-hospital medical expenses, it fails to protect other treatment expenses. These outstanding bills arise due to you being diagnosed with a critical illness and so on. In this scenario, critical illness coverage is convenient. It provides financial relief in the form of a lump-sum benefit that is non-taxable after successfully completing the survival period as per your policy.

The non-taxable benefit can help you:

  • Access private treatment.
  • Cover your day-to-day expenses, including expenses for a home caregiver.
  • Supplement loss of income for you and/or your spouse
  • Pay for outstanding costs and mortgage payments

Based on the plan you choose, you have a selection of coverage options available from 10, 15, and 20 years, or till the age of 75 or 100 years.

Is Critical Insurance Coverage Worth it?

When you purchase insurance coverage, you are paying a premium to safeguard yourself against an unforeseen event that may or may not happen in the future. When you choose a critical insurance plan, you are protecting yourself financially against the risk of being diagnosed with a critical medical condition or illness. This plan provides individuals with peace of mind knowing that should the worst happen, you and your dear ones are not burdened with the financial stress of being diagnosed with a critical illness. Even though many people believe that they only need it when it happens, it is better to be safe than sorry, as the future is uncertain.

Not a single one of us can predict that we will be diagnosed with a critical illness in the future. But the fact of the matter is, you are more likely to be diagnosed with a severe illness or condition than you are to die. The main reason for many people not purchasing critical illness coverage is the plan’s cost and the unlikely event of the illness not occurring.

Type of illnesses covered under Critical Illness Insurance plan

Originally, critical illness insurance policies in Canada would cover only four significant medical conditions, i.e., stroke, heart attack, cancer, and bypass surgery. With time, this insurance policy covers over twenty-four severe illnesses and conditions, including:

  • Brain Tumour
  • Heart Attack
  • Dementia
  • Alzheimer’s
  • Paralysis
  • Cancer
  • Stroke
  • Acquired Brain Injury
  • Aortic surgery
  • Kidney Failure
  • Coma
  • Parkinson’s and much more

The time frame for you to receive the benefits from your Critical Illness Insurance policy?

International students considering pursuing their higher education in Canada should consult with a reputable Canadian LIC health insurance provider to find out information on the policy coverage for the entirety of their stay in the country. For an international student to be insured from primary medical care, Students must purchase a private health plan to cover various illnesses and their medical expenses.

After 30 days, you will receive post the claim has been approved a non-taxable lump-sum amount. The benefit can be used as you deem fit. The coverage ceases to exist once the claim is completely paid off. With a wealth of experience in the Insurance Field, our experienced insurance advisors at Canadian LIC can provide you with free, unbiased advice. Additionally, the cost of Critical Illness Insurance in Canada depends on several factors such as family History, Age, Gender, and Lifestyle. To find out how much critical insurance coverage you might actually need, do not hesitate to give our team a call today.

Safeguard yourself financially from the unexpected

Protect yourself against the economic consequences of a severe medical diagnosis by purchasing a critical illness insurance plan from Canadian LIC. Do not put your loved ones against any financial duress when you become critically ill. Give our team a call today at 416 543 9000 to schedule an initial consultation or if you are planning to buy critical illness coverage.